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Porter Incorporated acquired a machine that cost $ 3 6 0 , 0 0 0 on October 1 , 2 0 2 2 . The
Porter Incorporated acquired a machine that cost $ on October The machine is expected to have a fouryear useful life and an estimated salvage value of $ at the end of its life. Porter uses the calendar year for financial reporting. Depreciation expense for onefourth of a year was recorded in
Required:
a Using the straightline depreciation method, calculate the depreciation expense to be recognized in the income statement for the year ended December and the balance of the Accumulated Depreciation account as of December Note: This is the third calendar year in which the asset has been used.
b Using the doubledecliningbalance depreciation method, calculate the depreciation expense for the year ended December and the net book value of the machine at that date.
Note: Round intermediate calculations.
tablea Depreciation expense,$
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